Denmark-based technology company ZeroNorth has raised over $50 million in investment during its recently concluded Series B investment round that will enable the company to look to further accelerate decarbonisation in shipping.
The investment from PSG Equity, a growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth, joins further capital injections from ZeroNorth’s existing investors A.P. Moller Holding and Cargill, that also participated in the round.
“The news means that ZeroNorth now has a trio of partners that will support the company’s ambitious plans for continued growth,” the company said.
As explained, the Series B investment, in addition to the support of PSG Equity, will help to accelerate ZeroNorth’s growth over the coming years.
The investment will also help to enable ZeroNorth to continue to accelerate the green transition of global trade by driving down CO2 emissions in shipping in the immediate term, by deepening the insights generated by its platform, connecting more players across the supply chain and turning data into actions that can underpin value-driving decision-making.
As a demonstration of this impact, ZeroNorth is on course to help cut CO2 emissions by over half a million metric tonnes in 2022, up from 218,000 tonnes in 2021.
“We have ambitious goals and PSG Equity shares our vision of enabling widescale change in how our industry operates,” Søren Meyer , CEO of ZeroNorth, said.
In late April, ZeroNorth released its new open Vessel Reporting Platform which will improve transparency and data quality, enable emissions reductions, and lower manual work at sea and on shore.
ZeroNorth has designed the new open Vessel Reporting Platform to help underpin decarbonisation efforts within the shipping industry. The platform is aimed at boosting decarbonisation efforts across the sector by improving data standardisation and transparency.
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